Newsletters
As we near the end of 2022, there are still opportunities to maximize tax savings for 2022 and into the future. As families and businesses deal with the ongoing return to a post-pandemic new normal an...
The IRS has issued a fact sheet related to differentiating between taxpayers’ hobbies and businesses. There are several factors that taxpayers should consider when making the determination and the I...
The IRS will not publish an Advance Release of tax year (TY) 2022 Original Issue Discount (OID) Tables. The 2022 OID Tables will be posted as a Final Release in early 2023. Further details about (1)...
The IRS has reminded taxpayers with an individual retirement accounts (IRA), who are above the age of 70 1/2, that they are eligible to transfer up to $100,000 as qualified charitable distributions (Q...
The IRS has passed a milestone of hiring 4,000 new customer service representatives to help answer phones and provide other services in a bid to prepare for the 2023 tax filing season. This is part of...
For property tax purposes, the Oklahoma Supreme Court determined that Production Tax Credits (PTCs) utilized to finance the building of a wind farm cannot be used to determine the fair cash value of t...
The IRS has reminded taxpayers who are earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year.
The IRS has reminded taxpayers who are earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year. Before 2022, Form 1099-K was issued for third party payment network transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000. However, now, a single transaction exceeding $600 can trigger a 1099-K The Service emphasized that money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable. Taxpayers can access Form 1099-K, its instructions and a set of answers to frequently asked questions on the IRS web site.
In addition, the Service reminded taxpayers that they must pay income tax either through withholding or estimated tax payments. Taxpayers should use estimated tax payments to pay other taxes such as self-employment tax and the alternative minimum tax. IRS Publication 17, Your Federal Income Tax (for Individuals), provides general rules to help taxpayers pay the income taxes they owe. Additional helpful information is available in Chapter 5, Business Income, of Publication 334, Tax Guide for Small Business; Publication 525, Taxable and Nontaxable Income, and on the IRS website at Understanding Your Form 1099-K.